SEC-LR-26170 (11-18-24)
Auerbach et al.
(SEC) Litigation Release No. 26170 / November 18, 2024
SEC v. Auerbach et al., No. 1:19-cv-5631 (E.D.N.Y. filed Oct. 4, 2019)
SEC Obtains Final Judgment Against Defendant for Receiving Kickbacks in Bribery Scheme
- Excerpt: On November 15, 2024, the Securities and Exchange Commission obtained a final judgment against defendant Richard Brown for accepting kickbacks in an alleged scheme to defraud investors.The SEC’s complaint, filed in the Eastern District of New York on October 4, 2019, alleged that from approximately July 2014 through October 2015, Brown, then a registered stockbroker, accepted cash bribes from the CEO of Nxt-ID, Inc. and another defendant to purchase more than $750,000 worth of Nxt-ID, Inc. common stock in his customers’ accounts. Brown allegedly made the purchases without informing his customers that he was receiving kickbacks in connection with the purchases.
- SEC-PR-2411
- Bribery Schemes
- Final Judgements
- Final Judgment – Richard Brown (PDF 9-pages)
Source: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26170
SEC-LR-26170 (11-18-24)